I first noticed KXL from a 98 pages CIBC gold report on April 13, 2009, it listed 12 high grade junior gold stock including (AND, XAU, CMF, CSI, XRC, KGI, KXL, LSG, QMI, RMX, SGR, VEN). By that time, I did not pay much attention on KXL, Cause the part for KXL was not much details compare with others, expecially no estimate OZ number, 3 month later, many of those on the list are doubled or tripled with average $500M market Cap.

Then I start to look this list seriously, I believe KXL is a great undervalued assets, I checked BMO Nesbitt Burns, KXL is not covered, most others in the list are covered both by BMO and CIBC. now I guess a NI41 estimate OZ report becoming essential for big firms to step in.

Could not find the way to post PDF file, so just paste a little

Kodiak Exploration Limited
KXL:TSX-V
Kodiak Exploration Limited is a Vancouver-based company with a diversified
portfolio of properties with exposure to gold, uranium and base metals. Kodiak’s
main property is the Hercules Gold Project in the Beardmore-Geraldton Gold
Camp. The principal vein in this project, Golden Mile, has been drilled to a depth
of 1,000 meters and has yielded excellent exploration results from multiple
targets. Continuous gold mineralization has been traced along strike for
400 meters, with an average grade of 20.20 g/t gold over an average width of
3.8 meters. Preliminary studies indicate that the Golden Mile structure extends
up to 9 kilometers in total length.

The 100%-controlled Knucklethumb Vent zone is the other property, located
40 kilometers north of Golden Mile, where Kodiak has discovered gold-silver
mineralization. The area has grades in cut channels of 2.20 g/t gold and
12.89 g/t silver over 6.10 meters, including 7.17 g/t gold and 20.90 g/t silver
over 1.70 meters.

Kodiak will be focusing on the Hercules Gold property for the majority of 2009
where additional drilling is planned within the higher-grade sections of the
Golden Mile and Lucky Strike systems. Its ongoing R&D activities continue to
generate a pipeline of exploration projects in the Beardmore-Geraldton gold
district. Multiple stand-alone targets have been identified and Kodiak aims at
leveraging its success at Hercules towards its other exploration projects.
Kodiak Exploration Limited (KXL.V)

Sector Weighting: Overweight
Ticker KXL–TSX-V
Share Price (04/09/09) $0.56
52 Week High/Low $2.98–$0.49
Shares Outstanding 89.0 million
Fully Diluted 88.58 million
Avg Daily Volume 110,706
Market Capitalization $49.86 million
Management Ownership 14.59%
Cash $30.6 million
Debt None
Major Shareholders
Sprott Asset Management – 9.31%
Richardson G David – 8.23%
Countryman Investments – 8.04%
2009 Expl. Budget – $10 million, 75% of which will
be directed to the Hercules Project.

Strategy
The company follows a strategy of acquiring
undervalued exploration prospects in Canada, and
carrying out aggressive and systematic exploration
in them. The focus currently is on the Hercules
Gold project and on leveraging its success in this
project to other projects.
Key Projects
Hercules Gold Property
100%-controlled property
Knucklethumb
100%-controlled property

Company Background
• Kodiak Exploration Limited (KCL–TSX-V) is a Vancouver-based resource
exploration company with a diversified portfolio having exposure to gold,
uranium and base metals, all located in Canada. In the gold division, Kodiak
has two projects – the Hercules Gold Property, located in the
Beardmore-Geraldton Gold Camp, and the Knucklethumb Vent Zone – both
in Ontario. Kodiak has 100% control of more than 1,400 sq. km in the
under-explored Beardmore-Geraldton greenstone belt located between the
multi-million-ounce Red Lake and Timmins gold camps.
• 2008 was a significant year with excellent exploration results. Drilling
activities in 2009 will initially focus on expanding the five high-grade gold
shoots discovered to date in the Golden Mile vein system in the Hercules
Gold property. Other 2009 programs will be directed primarily at defining
the extent and grade of high-grade shoots and exploring the untested 5 km
of strike length between the Central Golden Mile and the claim boundary
near Sage Gold’s (SGX–TSX-V) new discovery to the northwest.
• Although a resource has not yet been established, some of the gold grades
encountered to date in drill core, channel and grab samples are comparable
to grades encountered in high-grade mines.
Management
• Terrence King, BA, LL.B., Secretary & CEO – Mr. King has 20 years of
experience in corporate finance and securities and has served as Chairman
of the Securities and Natural Resources Subsection (mining, oil and gas) of
the Canadian Bar Association. He is principal of Holmes & King, an
association of law corporations.
• Brian J. Maher, M.Sc., Vice President, Exploration – Mr. Maher is an
economic geologist with over 27 years of experience in the international
mining and exploration industry. He is also a member of the Society of
Economic Geologists and the author of numerous publications on economic
geology.
• Robert B. Hawkins, M.Sc., P.Geo., Chief Consulting Geologist – Mr. Hawkins
has over 35 years experience as an exploration geologist in the Western
U.S., Canada, Alaska, Finland, Sweden, Mexico, and South America. He has
authored a number of publications that have been published in industry
journals, including articles on disseminated gold deposits and porphyry
copper deposits.

Financial
• Since the company is still in the exploration stage, it reported losses of
$11.1 million in the quarter ending September 30, 2008. At the end of
September 30, 2008, the company had a cash balance of $30.6 million.
Kodiak Exploration Limited - April 13, 2009

Company News
• Kodiak reported the results of metallurgical testing performed on three
composite surface and drill hole bulk samples from the Golden Mile vein
system at the Hercules Gold project. The test results show an average gold
recovery of greater than 99% from three +10 kg samples. The positive
results indicate that the Golden Mile mineralization will be amenable to
low-cost conventional milling techniques.
• Kodiak reported the successful conclusion of its 2008 exploration program,
with success in drilling helping to significantly expand the area of
high-grade gold mineralization in its Hercules Gold project. The company
intersected 5.4 meters grading 20.03 g/t (0.58 oz./t) gold, 6.3 meters
grading 6.89 g/t (0.20 oz./t) gold, and 2.3 meters grading 10.11 g/t
(0.30 oz./t) gold, among others.

Operations
Hercules Gold Property
The Hercules Gold Property is located in the Beardmore-Geraldton Gold Camp
near Thunder Bay, Ontario. The property has multiple gold-bearing structures,
with the Golden Mile being the principal vein and the other strong veins
including the parallel Yellow Brick Road and Marino vein.
In the Golden Mile system, 100% of the drill holes to date have intersected gold
mineralization, and 41% of grab samples have returned more than 10 g/t Au,
confirming the strength and continuity of the gold system. Deep drilling now
extends to 1,000 meters, and recent exploration indicates that the Golden Mile
structure is up to 9 km in length. Continuous gold mineralization has been
traced along a strike length of 400 meters, with an average grade of 20.20 g/t
gold over an average width of 3.8 meters. Recent test results show an average
gold recovery of greater than 99% from three +10 kg samples. The results of
the current drilling program and channel sampling have confirmed high-grade
gold mineralization. The gold-bearing structure at the Golden Mile has displayed
a surface scale and geometry that is unprecedented in the Geraldton–Beardmore
Gold Camp’s history, confirming its potential to host a very significant new gold
resource.

The Yellow Brick Road system is a parallel gold-mineralized system 1 km
northeast of the Golden Mile. It includes the WL vein at the south end, where a
high-grade gold-mineralized shoot has been intersected in four drill holes and
three surface channel cuts, including an intersection of 15.59 g/t Au over a true
width of 9.7 meters and 10.37 g/t Au over 8.8 meters. In the Marino Vein, a
shallow hole intersected 38.47 g/t Au over 1.6 meters with gold mineralization
remaining open in all directions.
Drilling activities in 2009 will be focused on expanding the five high-grade gold
shoots discovered to date in the Golden Mile vein system and exploring the
untested 5 km of strike length between the Central Golden Mile and the claim
boundary near Sage Gold’s new discovery to the northwest.
Kodiak Exploration Limited - April 13, 2009

Exhibit 1. Cross-section From Golden Mile, Hercules Gold Property
Source: Company reports.
Knucklethumb
The 100%-controlled Knucklethumb gold prospect is a separate property located
40 km north of the Hercules project, in the northern part of the Archean
greenstone belt. The property covers 4,176 hectares and is located
approximately 210 km northeast of Thunder Bay, Ontario. Kodiak’s surface
trenching in the Knucklethumb Vent area exposed a gold-mineralized area
230 meters long and up to 12 meters wide, with an average width of 7 meters.
This area contains grades in cut channels of 2.20 g/t gold and 12.89 g/t silver
over 6.10 meters, including 7.17 g/t gold and 20.90 g/t silver over 1.70 meters.
Surveys have identified both shallow features with strong chargeability and
deeper areas of moderate chargeability below the Vent Zone. Limited drilling
indicates a coincidence and continuation of gold-silver mineralization to at least
a vertical depth of 390 meters, with results from drill hole KL06-01 intersecting
0.29 g/t gold over 15.0 meters core length (10 meters true thickness). The size
of this gold-bearing hydrothermal system, a lack of drilling at deeper levels, and
the existence of multiple priority targets that remain untested all suggest that
this property has strong potential for a significant new gold discovery. Soil
samples seem to be a good indicator for mineralization, as shown in Exhibit 2.
Kodiak Exploration Limited - April 13, 2009

Exhibit 2. Knucklethumb Vent Zone
Source: Company reports.